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Bases Continue To Form In The Summertime Chop

August 9, 2015

Markets rolled over this past week…and just continue to chop around this summer, which is perfect and should provide a setup up for some great fall action.

Gold and silver continue to look for lower -- and are trading in a tight range.

Gold did nothing to speak of…losing only 0.16% this past week.

Gold continues to sit in the range between $1,080 and $1,100. This pattern does point to a move lower.

Ideally. a break lower should begin Monday or Tuesday or risk getting stale. Consequently, we would have to consider a move higher to the $1,150 area as the next move.

It appears the low for gold is not in…and it may not come until late summer or early fall.

A break below this flat channel can be shorted, or a move above could be taken as a short-term long trade.

Silver gained a tiny 0.14% -- and also remains in a small flat base. I can say the same thing about silver as I did gold so I won’t ramble on.

Platinum lost 2.15% this past week -- and is forming a small flat channel now as well. The low is not yet in for platinum, but it looks like it may need a while before the next leg lower.

Palladium fell 2.09% this past week. It is trending back up to the $620 resistance level now.

Waiting for setups to form is half the battle, which is what we’ve been doing in my subscriber section mostly all summer with a few successful trades here and there.

So far, this summer has played out perfectly, chopping around for the most part.

The fall should bring some great setups that take time to form, which is what’s happening right now.

I’m still trying to enjoy the short summer, while it’s here, and markets allow me some more freedom.

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Warren Bevan is a renowned trader who’s honed his craft over the years learning the styles and techniques of Jesse Livermore, William O’Neil and Dan Zanger and forming his own unique style. He focuses on making money and going hard when the right markets present themselves and during the rest of the time focuses on capital preservation. He focuses on the leading fast moving stocks during the good times. He is a proud Canadian, traveler, explorer, and consummate market geek who tells it as he sees it. Warren’s website is www.wizzentrading.com and his email address is [email protected]